Photo: Bebeto Matthews, AP
Photo: Bebeto Matthews, AP
By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers
Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss.
The S&P 500 fell 1.1%, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market. Technology stocks and other companies that powered the market’s strong comeback this year have suddenly lost momentum this month amid worries that they have become too expensive.
The sell-off wiped out the last of the solid gains the market saw to start the week. The S&P 500 is on track for its first monthly loss since March. September is historically the worst month for stocks.
“The market has been poised to just pull back, take a breather,” said Quincy Krosby, chief market strategist at Prudential Financial. “Raising capital is
New claims for US jobless benefits continued inching down last week, the Labor Department said Thursday, though at 860,000 the applications were higher than expected.
The United States saw a surge in workers filing new benefit claims amid the widespread business shutdowns in March to stop the spread of Covid-19, and though that wave is well past its peak, weekly filings remain at levels far above the worst of the 2008-2010 global financial crisis.
However, the latest data show the insured unemployment rate among people eligible for benefits fell 0.7 points to 8.6 percent in the week ended September 12, and the number of people claiming under the Pandemic Unemployment Assistance (PUA) program for those not normally eligible for benefits declined by more than 200,000.
But nearly 29.8 million people continued to receive some form of government aid through the week ended August 29, the latest for which data was
The number of Americans filing for unemployment benefits decreased last week, offering an encouraging sign for the ongoing US economic recovery.
New US weekly jobless claims totaled an unadjusted 860,000 for the week that ended Saturday, the Labor Department reported Thursday. That reading slightly exceeded the median economist estimate of 850,000 compiled by Bloomberg, though it did reflect a decline from the prior period.
Continuing claims, which represent the aggregate total of
OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook.
A panel of key producers including Saudi Arabia and Russia from the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to keep their current output reduction target of 7.7 million barrels per day (bpd), or around 8 percent of global demand.
They will also likely press laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction.
The meeting, known as the Joint Ministerial Monitoring Committee (JMMC), is expected to start at 1200 GMT, OPEC+ sources said.
OPEC+ producers have been reducing production since
Average gasoline prices fell in Houston and across the country over the past week, the beginning of what could be a steady decline through the rest of the year as the summer driving season ends and the coronavirus pandemic keeps demand subdued, the fuel tracking website GasBuddy said.
Gasoline prices could fall steadily through the rest of the year, according to GasBuddy.
In Houston, the average price of a gallon of gasoline fell about a penny to $1.81, up about 4 cents from a month ago, but down 40 cents from a year ago. Nationally, prices averaged $2.21 a gallon, down 3 cents a gallon over the week. The national average is about 4 cents a gallon higher than a month ago, but 34 cents lower than a year ago.
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